Don't deny health cover to senior citizens: IRDA

Last Updated: Tue, May 26, 2009 08:37 hrs

New Delhi: Senior citizens no more need to feel insecure because of insurance companies' denial to give health cover as regulator IRDA has asked insurers not to deny medical insurance to customers of at least till 65 years of age.

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"All health insurance products filed hereafter must allow entry at least till 65 years of age," Insurance Regulatory and Development Authority said in a communication to CEOs of all general insurance companies.
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It also said any denial to health insurance for senior citizens should be made in writing with reasons furnished and recorded. Such reasons should stand scrutiny of reasonableness and fairness," it added.

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The insurance regulator further said the premium charged for health insurance products catering to the needs of senior citizens should be fair, justified, transparent and duly disclosed upfront.

IRDA said insurers should devise mechanisms to reward policyholders for early entry and continued renewals with the same insurers.

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Insurers will reimburse at least 50 per cent of the cost incurred by the insured in pre-insurance medical examination, in cases where the risk is accepted, insurance regulator said.

"This circular shall take effect for all policies issued or renewed on or after July 1, 2009," IRDA said.